Micron Q1 FY2026 earnings: record revenue as AI memory demand surges
Micron posted record revenue and profit for its fiscal first quarter, fueled by soaring AI-related demand for memory chips, and guided to even sharper growth ahead.
| Q1 2026 | Reported |
|---|---|
| EPS | $4.60 |
| Revenue | $13.64B |
Figures as reported by the company to the SEC for the quarter ended November 27, 2025. Analyst estimates are not part of a filing, so no comparison to expectations is shown.
Key takeaways
- Total revenue climbed 21% from the prior quarter and 57% from a year earlier, marking the company’s third straight quarterly revenue record, as demand for memory chips used in AI data centers continued to surge.
- Every major product line hit new highs: cloud/data-center memory revenue roughly doubled from a year ago, while mobile and automotive/embedded chip sales also grew sharply, showing the AI-driven upturn is spreading beyond just data centers.
- Micron said it has now locked in pricing and volume agreements covering its entire 2026 supply of high-bandwidth memory (HBM) — a premium chip type used in AI servers — giving it unusually firm revenue visibility for that business through next year.
- The trailing-twelve-month profitability figures show gross, operating and net margins all above 55%, reflecting how tight global memory chip supply combined with strong AI demand has let the company command much higher prices than in past cycles.
- For the current quarter, the company guided to revenue of about $18.7 billion and non-GAAP earnings of about $8.42 per share, both well above what it just reported, pointing to continued acceleration in demand and pricing.
- Management said it now expects the overall market for high-bandwidth memory to reach roughly $100 billion by 2028 — a milestone it now expects to arrive about two years sooner than it had previously forecast.
- The company generated about $3.9 billion in free cash flow during the quarter, cash left after running the business and funding factory investments, underscoring that the revenue surge is translating into real cash generation, not just paper profits.
Q1 2026 in context
| Metric | Nov 2025 | Nov 2024 | Change |
|---|---|---|---|
| Revenue | $13.6B | $8.7B | +56.7% |
| Net income | $5.2B | $1.9B | +180.2% |
| Free cash flow | $3.0B | $38M | +7852.6% |
| Diluted EPS | $4.60 | $1.67 | +175.4% |
| Gross margin | 56.0% | 38.4% | +17.6 pts |
| Operating margin | 45.0% | 25.0% | +20.0 pts |
| Net margin | 38.4% | 21.5% | +16.9 pts |
Figures for the quarter ended Nov 2025 and the quarter ended Nov 2024, as reported to the SEC.
Each company's quarter ending in calendar Q4 '25, as reported to the SEC. A peer that reported no revenue figure for that quarter is left out.
How the stock took it
Micron Technology Inc closed at $225.52 on Dec 17, 2025, the last session before the report, and at $265.92 on Dec 19, 2025, the first session after it — +17.9% across the report.
Closes from the market's daily record. Each figure spans the report date — from the last session that closed before it to the first that closed after — because a company may report before the open or after the close.
Sources: company report · earnings call